As part of the Capital Market Authority's ("CMA") strategic objectives to develop the capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30) Dated 02/06/1424 H, the CMA Board issued its Resolution to publish the draft Instructions on Issuing Depositary Receipts out of the Kingdom for Shares Issued in the Kingdom ("Draft Instructions") for public consultation for a period of (30) calendar days ending on 15/1/1440H corresponding to 25/9/2018G.
The Draft Instructions aims to set out the requirements and conditions for issuing depositary receipts out of the Kingdom for shares of an issuer in the Kingdom, including the requirements for the Authority's approval on issuing depositary receipts out of the Kingdom, the issuer's obligations, and the depositary bank's obligations.
The CMA, with full gratitude, would like to receive the opinions and comments of relevant and interested persons, through any of the following channels:
Fax number (+966114906460); or
Mail address (P.O. Box 87171 Riyadh 11642, CMA Deputy for Legal Affairs and Enforcement – Laws and Regulations Department).
All comments will be taken into full consideration for the purpose of finalizing the Draft Instructions.
The Draft Instructions can be viewed via the following link:
DRAFT INSTRUCTIONS ON ISSUING DEPOSITARY RECEIPTS OUT OF THE KINGDOM FOR SHARES ISSUED IN THE KINGDOM
